Annual Information Statement: What is AIS, How to Check, Password Format And Feedback

When filing your ITR, even a single mismatch or mistake can result in interest, ITR notices, or a revised filing. In this situation, most of the taxpayers get panicked. However, you can avoid mistakes when filing your ITR. Wondering how? With the help of the Annual Information Statement (AIS), launched by the income tax department on the e-filing portal, you can avoid unnecessary ITR filing mistakes. It provides you with complete information about your financial transactions. Additionally, also allows you to submit feedback on the mentioned information.

Want to know more about AIS and how it impacts your ITR filing? This blog provides detailed information about AIS, why it matters, format, how to view it, and more. So read on and solve all your queries. 

What is an Annual Information Statement (AIS)?

An Annual Information Statement (AIS) is a detailed PAN-linked report that the income tax department provides you. It contains complete information about your financial transactions during a financial year. AIS consists of a wide range of your financial data, including:

• Dividends from mutual funds/ stocks.
• Interest income (FDs, savings accounts).
• Foreign remittances.
• Securities transactions (bonds, stocks).
• Rent receipts (even if there is no TDS deduction).

It complements Form 26AS. Additionally, it states both reported and modified values, allowing you to check the information and identify any discrepancies, making it an important tool for accurate tax filing. Moreover, like residents, AIS is equally important for NRIs with taxable income in India. 

This was all about the Annual Information Statement (AIS). Moving ahead, let's know why the income tax department introduced it. 

Why Did the Income Tax Department Introduce AIS? 

Before the income tax department introduced AIS, Form 26AS was used to showcase the information related to TDS, TCS, and chosen high-value transactions. The aim behind the income tax department in introducing AIS was to provide a comprehensive view of the financial activity of taxpayers in one place. The expanded reporting structure helps taxpayers verify stated income, determine discrepancies, and reduce the risk of mismatched information during ITR filing. Considering this, here is how AIS impacts ITR filing:

• The AIS contains additional information relating to securities transactions, dividends, interest, foreign remittance information, mutual fund transactions, and more. 
• In case the mentioned information is not correct, relates to another year/ individual, or the same, etc. AIS provides a facility to submit feedback. 
• The income tax department also provides an AIS Utility to taxpayers to check AIS and submit their feedback offline. 
• The reported value and the after-feedback value are shown separately in the AIS. In case the information is denied/ modified, for confirmation, the information source may contact you.
• For each taxpayer, a simplified Taxpayer Information Summary (TIS) is also generated. 

So, the key reason behind introducing AIS was to provide taxpayers with complete information about their financial transactions, deter non-compliance, and encourage self-reporting through feedback. Additionally, it impacts your ITR filing by providing all accurate information in one place and avoiding ITR mistakes.

Now, moving further, let's know the different types of information shown in AIS. 

What Are the Different Types of Information Shown in AIS?

The information mentioned on AIS is divided into two parts, i.e., Part A- General Information and Part B- TDC/TCS. Let's know about it in detail.

Part A- General Information

This section provides your personal information stated within the AIS. It contains the following data:

• PAN: Your Permanent Account Number.
• Name of the Taxpayer: Your name as registered with the income tax department.
• Masked Aadhaar Number: Your Aadhaar number, along with some masked digits for privacy.
• Date of Birth/ Incorporation/ Formation: For individuals, your DOB, and for businesses, the formation/ incorporation date.
• Contact Number: Your registered mobile number for contact.
• Email Address: Your registered email address for communication.
• Address: Your registered address with the income tax department.

Part B- TDS/TCS Information

Part B of the AIS provides detailed information on your financial transactions and tax aspects. To provide you with a better understanding, it is divided into subsections.

• TDS/TCS Information: This section consists of any Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) that applies to your income. It includes:
  • Information Code: It is a unique code given to the specific deducted TDS/ TCS.
  • Information Description: A description of the source income on which the TDS/TCS was imposed.
  • Information Value: The actual amount of deducted TDS/TCS.
• SFT Information: This section showcases the information obtained from reporting entities under the Statement of Financial Transactions (SFT). Like the TDS/ TCS, it provides similar information along with:
  • SFT Code: A unique code given to the specific SFT transaction type.
  • Information Description: A description of the reported financial transaction.
  • Information Value: The value associated with the reported financial transaction.
• Payment of Taxes: This section of the form states any taxes you have paid directly during the financial year. It is categorized as:
  • Advance Tax: Payments made in advance of your tax obligation.
  • Self-Assessment Tax: Taxes you assessed and paid yourself.
• Demand and Refund: This section contains details of any tax demand raised against you or tax refunds initiated by the tax department for the financial year. At present, AIS only provides refund information, which includes:
  • Assessment Year (AY): The financial year for which the refund or demand applies.
  • Amount: The amount of the refund initiated or demand raised.
• Other Information: This section of AIS consists of a miscellaneous category containing information received from several sources. It may include:
  • Annexure II Salary: Your salary information as reported under Annexure II of your ITR.
  • Interest on Refund: Any interest you earned when you received tax refunds.
  • Outward Foreign Remittance/ Purchase of Foreign Currency: Information on any outward foreign remittances or foreign currency purchases you made during the financial year (Form 15CC). 

Furthermore, by providing a detailed view of your tax and financial information, the AIS helps you identify discrepancies, ensure accurate ITR filing, and stay compliant. Moving forward, let's know how to view the AIS. 

How to View the Annual Information Statement (AIS)?

To check the Annual Information Statement, you need to have a registered account on the e-filing portal of the Income Tax Department. If you do not have an account on the e-filing portal, first, you need to create one. To do so, visit the official website of the Income Tax Department and click on the "Register" option. After creating the account, follow the steps below to revise your AIS:

• Step 1: Using your credentials, log in to the e-filing portal of the income tax department.
• Step 2: On the dashboard, look for the "services" section.
• Step 3: Once you locate it, within it, click on "Annual Information Statement (AIS)."
• Step 4: Before being redirected to the AIS portal, you might face a confirmation screen. To continue, click on the "proceed" option.
• Step 5: Once you move to the AIS portal, look for the section for checking your AIS. To view your AIS, click on the "AIS" title.
• Step 6: To get a copy of your Annual Information Statement, click on the download option. You can download it in your preferred format, as it provides several file formats, including PDF, CSV, and JSON.

This is how you can view your Annual Information Statement. Moving ahead, let's know how to open the downloaded AIS PDF. 

AIS Password: How to Open the Downloaded AIS PDF?

The AIS PDF password is a combination of your PAN number and DOB. Considering this, to open the downloaded AIS PDF, you need to mention your PAN number in lowercase, followed by your DOB in DDMMYYY format without any spaces. 

Confused? For instance, your PAN number is FMHIJ5768H, and your DOB is 12 March 1996. Your AIS password to open the downloaded PDF would be fmghij5768712031996. 

Do not mention any special characters or provide any spaces in the password. Moving further, let's know the difference between AIS, TIS, and Form 26AS. 

What is the Difference Between AIS, TIS, and Form 26AS?

The table below showcases the key differences between AIS, TIS, and Form 26AS:

In simple terms, AIS helps in reviewing and correcting individual entries; TIS is used to verify your income totals and Form 26AS to confirm TDS credits. Moving forward, let's know how to submit feedback on the AIS information. 

How to Submit Feedback on the AIS Information?

You can submit AIS feedback through online or offline mode. Follow the steps below to submit feedback on the AIS information online:

• Step 1: Visit the income tax e-filing portal and click on the Annual Information Statement (AIS) tab. This will showcase your financial details categorized as TDS/TCS, SFT, or other information categories. 
• Step 2: Click on the information section. On expanding, choose the "optional" button. Here you will be provided with several feedback options. Select the most relevant option that describes your issue. Mention the feedback details. 
• Step 3: Once you have chosen the feedback option and mentioned the details, click on the submit button. 
• Step 4: In the bracket, the information will showcase the modified figure. The modified value will then be used to update the derived value in the TIS. Further, it is used to prefill the ITR form of the taxpayer.

The table below showcases the appropriate feedback type:

*NRI Tip: If your foreign remittances are credited to your NRO account and in the AIS showing as income, select the "Information is not fully correct" option. Additionally, clarify that the credited amount is a remittance, not a taxable income. For supporting documents, when filing ITR, attach your bank transfer records. 

Now, moving ahead, let's know how to check the AIS correction status update.

AIS Correction Status Update

The Income Tax Portal provides you with the functionality that helps you know the status of your submitted feedback directly in AIS. These are the options that will be displayed for the status of feedback:

• Feedback Submitted: Your feedback has been received and is now under review.
• Feedback Accepted: The reporting entity has confirmed your feedback, and AIS has been updated.
• Feedback Rejected: The reporting entity has considered the original information.
• Pending with Source: Your correction request has been sent to the original reporting entity and is awaiting their responses.

Once your feedback is processed and accepted, TIS updates automatically. Now, moving further, let's know the common AIS mistakes that can affect ITR filing. 

Common AIS Mistakes That Can Affect ITR Filing

The table below showcases the common mistakes that can impact your ITR filing:

These are some key AIS mistakes that can affect your ITR filing.